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Apple Stock Surges After Record Quarter

Best-ever sales for iPad, iPhone and Mac
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It looks like Apple’s back to blowing away Wall Street. 

After missing its earnings forecast for the first time in years last quarter, the company today reported its greatest quarterly revenue and earnings ever. The results drove up its stock 8 percent in after-hours trading.

On average, analysts were expecting revenue of $38.85 billion and earnings per share of $10.08, according to Yahoo Finance. But Apple broke through those estimates with revenue of $46.33 billion and earnings per share of $13.87.

“We are extremely pleased with the customer response to our products and record-breaking results in the December quarter,” said Peter Oppenheimer, Apple’s CFO.

The company attributed its powerful quarter to skyrocketing sales of iPad, iPhone and Macs. In the last quarter, iPhone sales rose 128 percent year over year to 37.04 million units, iPad sales climbed 111 percent to 15.43 million units and Mac sales grew 26 percent to 5.2 million units.

The iTunes Store also posted impressive results. The store, now home to about 20 million songs, earned $1.7 billion in quarterly revenue. On Christmas Day alone, the company said, people downloaded more than 140 million apps and other content.

On a call with analysts, CEO Tim Cook said demand for the iPhone 4S, the best-selling iPhone model in the quarter, exceeded Apple’s already ambitious estimates.

“We made a very bold bet entering the quarter as to what the demand would be," he said. "Despite it being a very bold bet, we were short on supply throughout the quarter. We didn’t bet high enough. Our customers are loving iPhone, and we are very happy with that.”

Apple, which added a 14th week to its quarter, acknowledged that the expanded reporting period contributed to the record sales but said it included the extra week into its guidance.